Delayed transfers due to sanctions screening
Tightened international laws and regulations require banks to introduce increasing numbers of measures to combat various risks such as fraud, money laundering and suspicious financing. Such type of investigation is performed by the correspondent banks in accordance with their interpretations of the policies, and is outside of Saxo's control. Where possible, Saxo always strives to engage with our network of correspondent banks to streamline the procedures.
Cash withdrawals from Saxo bank
When cash withdrawals processed from Saxo are intercepted for investigation by a correspondent bank then we, as the remitting bank, will take on the responsibility of answering any questions required by the correspondent bank to help complete their investigation. If Saxo requires any additional information from the client and/or the asset manager, they will be contacted accordingly.
Cash deposits to Saxo bank
When cash deposits are intercepted for investigation by a correspondent bank, the correspondent bank will contact the remitting bank, from which the cash transfer is originating (i.e. the local bank of the client). The remitting bank must answer all questions in accordance with their own procedures.
Saxo is not involved in these type of investigations and this is outside of Saxo's control. In case of delay, clients are advised to contact their own bank for a status check.